Crude oil prices have hit new record highs, reaching about $100 per barrel as the US dollar continues its decline against the euro.
US light sweet crude hit a record of $99.29 in Asian trading while London Brent crude reached $95.99 per barrel.
However, prices decreased later on Wednesday with light sweet crude standing at $97.50 and London Brent at $94.90 per barrel.
Concerns over winter supplies in the world's biggest fuel consumer as well as the US Federal Reserve predictions of a slower than expected growth, have reportedly pushed the prices up.
US light sweet crude hit a record of $99.29 in Asian trading while London Brent crude reached $95.99 per barrel.
However, prices decreased later on Wednesday with light sweet crude standing at $97.50 and London Brent at $94.90 per barrel.
Concerns over winter supplies in the world's biggest fuel consumer as well as the US Federal Reserve predictions of a slower than expected growth, have reportedly pushed the prices up.
Oil prices rose on Monday and Tuesday after the Organization of the Petroleum Exporting Countries, refused to discuss the issue of output increase at its meeting. However, analysts say oil prices would have continued to rise even if Organization of the Petroleum Exporting Countries had raised the output.
Via: PressTV
Tags:
